Senate panel tightens access to tax returns and gambling withholds
The Senate Finance Committee moved to restrict access to income tax returns by White House and Congress and require federal tax withholding on gambling winnings over 1000. It also proposed court orders for criminal tax case access, limits on non-branch disclosures, and other tax reform measures including exemptions for state lotteries and tightened identity rules.
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Senate Finance Committee
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Nevada
National Guard and Ready
Nations agree on conduct code for corporations
After a year of talks the 24 OECD countries approve a voluntary code governing multinational corporate conduct. Sweden pressed for full disclosure of profits and wages. the United States sought to limit data. Final text favors geographic reporting and aims to curb bribes while ensuring fair treatment of foreign firms.
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Organization For Economic Cooperation and Development
QECD
United States
Sweden
Washington
Western
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Developed Asia
Social Security faces hard choices as reserve runs out
Commissioner James B. Cardwell told Congress the Social Security reserve fund could be exhausted by 1981 or the mid 1980s with no clear path to avoiding deficits. He warned Congress must act to restore financial balance, likely requiring hard choices and changes in financing, while urging enactment of Ford's proposed Social Security tax increase.
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Washington
James B. Cardwell
Congress
Cardwell
Ford
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